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Member, Beacon International Group, Ltd.
EDMONTON, Alberta--Several Canadian provinces plan to reduce employer premiums for workers compensation coverage next year, including Alberta, which already has the lowest premiums in Canada.
The Workers' Compensation Board of Alberta will lower employer premiums for the fourth year in a row as injury rates and claim costs have continued to decline. The average rate will be $1.32 Canadian per $100 Canadian of insurable earnings, a nearly 8% drop from current rates, the WCB announced Wednesday.
Meanwhile, the Saskatchewan Workers' Compensation Board said it plans to reduce its 2008 average premium rate by 8.2% to $1.69 Canadian per $100 Canadian of insurable earnings. Premium rates for employers in the province have dropped 17.6% since 2005 due to higher-than-expected investment returns and continuing declines in injury rates and claim durations, the board said Tuesday.
In October, WorkSafeBC announced a 7.5% decrease in the average premium rate for British Columbia employers to $1.56 Canadian, while the Workers Compensation Board of Manitoba said employer premiums would drop 5% to $1.60 Canadian.